Price/Square Foot Reaches A New High In Tega Cay Homes: October 2021

By
Real Estate Agent with Coldwell Banker Realty

Latest news on the Tega Cay real estate market in October 2021 and what it means for you...

 

Tega Cay, South Carolina housing market remained very much a home seller's market in October 2021 evidenced by key indicators such as lower months supply of homes, significantly less housing inventory, fewer days on market, and no increase in new listings in October 2021 compared with October 2020. The price per square foot for Tega Cay homes reached a historic high in October 2021. Price per square foot was $190, up $38 (+25%) per square foot versus the same month one year ago.

 

Tega Cay's months of  housing inventory was 0.7 months, down 58.8% year-over-year from 1.7 months in October 2020 and 2.5 months in October 2019. Housing inventory was down 54.5% year-over-year. New listings were flat year-over-year.

 

Pending sales decreased 5.9% in Tega Cay in October 2021 compared with one year ago. Tega Cay's closed sales also decreased 153.6% year-over-year. Lack of inventory no doubt contributed to the lower sales.

 

On average, homes sold in 21 days, down 4 days compared with the same month one year ago. In October 2019, average days on market were 50.   Median days on market  decreased 1 day to 7 days in October 2021. In October 2019 median days on market were 30.

 

Pent-up demand for Tega Cay homes was also evident in the number of average showings per listing in October 2021. On average, listed homes had 13.8 showings, up 31.4% from 10.5 showings in October 2020 and from 6.8 showings in October 2019. Clearly, it's a matter of more buyers "chasing" after fewer homes.

 

Average price of sold homes decreased 13.2% to $416,842, while the median sale price decreased 3.6% to $400,000 compared with the same month one year ago. Median sale price increased by $13,000 month-over-month. The drop in home prices is not necessarily indicative of lower values for Tega Cay homes... rather it's more indicative of the mix of price points of homes sold in October. 

 

Sellers received a median 101.2% of listing price (up 1.2% year-over year) in final sale price, showing virtually no window of opportunity for Tega Cay home buyers to negotiate.

 

  Want to know what this would mean for your family if you decide to buy or sell a Tega Cay home?    

Curious about Tega Cay real estate? Call Nina Hollander

We can help.

Call us today at 704-779-0813 or contact us here.

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MORE DETAILS ON THE TEGA CAY HOUSING MARKET'S PERFORMANCE

 

TEGA CAY HOUSING MARKET HIGHLIGHTS:

OCTOBER 2021 VERSUS OCTOBER 2020

Tega Cay, SC Real Estate Sales Update October 2021

  

Did you know... 

Tega Cay has been ranked as the #2 best Charlotte suburb to live in and #2 in the Charlotte region as a best suburb to live in? 

Why not check out...

THE 6 HOTTEST TEGA CAY, SC AREA NEIGHBORHOODS  

 

Hot Fort Mill/Tega Cay Neighborhoods

 

SEARCH TEGA CAY, SC AREA HOMES HERE

 

  FREE Home Buyer Guide "Things To Consider When Buying A Home" 

 

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MEDIAN HOME PRICE TRENDS IN TEGA CAY, SC

 

Tega Cay on Lake Wylie is All About Location, Location, Location and Lifestyle, Lifestyle, Lifestyle!

 

In Polynesian, "tega cay" means beautiful peninsula... which is exactly what Tega Cay, South Carolina is... a beautiful 1600 acre peninsula on Lake Wylie just 20 miles south of Charlotte, North Carolina. The Tega Cay community began developing in the 1970's and was originally modeled after a Polynesia resort. It includes the Tega Cay Golf Club, a 27-hole golf course, a marina, the Tega Cay Beach & Swim Center, tennis courts at the Tega Cay Tennis Club, walking trails, waterfront parks and ball fields, and so much more. The town also has its own Police Department, Fire Department and Emergency Services Squad.
 
Tega Cay's motto is "Bonae Vitae/The Good Life" and once you visit and take a look around, you know exactly why that's so.
 
An upscale, lake-side community, Tega Cay provides a high quality of life, reasonable cost of living, and top-rated public schools. Its small-town feeling provides security and comfort, and sitting on Lake Wylie, it also provides virtually year-round recreation, including boating, golf, tennis, and more. Tega Cay's Park and Recreation Department is home to more than 4,500 participants annually and features youth baseball, flag football, soccer and softball. But adults are not left out with adult softball, kickball and senior games. And where else would you find both youth and adult croquet games?
 

 

This Charlotte region real estate monthly update for  Tega Cay, SC is provided by  Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Tega Cay specialists. We've been opening doors for Tega Cay home buyers and sellers for 20+ years.  

 

If you're considering selling or purchasing a home in the Tega Cay area or anywhere in the Charlotte metro region, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how: 

"The Right Broker Makes All The Difference."

 

 

 

Read the original post at www.GreatHomesInCharlotte.com

 

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (16)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

With inventories so tight, prices will continue to get higher and the value per square foot will appreciate as well.  It fun to be a seller and painful to be a buyer

Nov 30, 2021 10:12 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI Nina Hollander, Broker - I think that I am focusing in on Price Per Square Foot more than I have in the past.  The movement up is so fast you really need to use all the tools in your tool chest to do proper comps. 

Nov 30, 2021 10:43 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Another hot market. When you see a 50+% drop in inventory you know it is tough to find a home.

Nov 30, 2021 11:22 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ed Silva hi Ed, it doesn't feel like all that long ago when it was fun to be a buyer but not a seller. Everything cycles.

Nov 30, 2021 11:24 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Sheri Sperry - MCNE® hi Sheri... I use price per square foot as a "check" on my pricing, but I'm still hesitant to overly depend on it as it misses so many other aspects of a home.

Nov 30, 2021 11:25 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jeffrey DiMuria 321.223.6253 Waves Realty absolutely, Jeff. And when you're looking for a home in a small town like Tega Cay a 50% drop in inventory is catastrophic.

Nov 30, 2021 11:26 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nina,

Amazing numbers for a Tega Cay in South Carolina.  Price per square foot is definitely a good way to look at it.  A

Nov 30, 2021 12:42 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ron and Alexandra Seigel hi Alexandra... I'm seeing new records for price per square foot all over the Charlotte region.

Nov 30, 2021 02:28 PM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

You prove once again how strong the Charlotte Real Estate market is, and Tega Cay homes reaching new higher price per square foot. Home seller's must be really happy!

Dec 01, 2021 04:21 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... home sellers are indeed happy with their equity growth... sadly, not happy enough to sell their homes for the most part. :(

Dec 01, 2021 04:41 AM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I remember during the low times when the price per square foot was $50 or less and when you could get something decent for around $100/ft but those days are long gone, haha.

Dec 01, 2021 05:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England hi Brian... I remember those days, as well. If you were above $175/square foot you were talking a luxury home.

Dec 01, 2021 05:24 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Tega Cay home buyers and sellers are sure to value your real estate market report, Nina.

Dec 03, 2021 01:49 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat hi Myrl... happy Friday to you... thanks for stopping by. Wishing you a lovely weekend ahead.

Dec 03, 2021 01:50 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Nina,

Thank you for sharing the real estate information. 

Buyers and sellers in your area will benefit from your expertise. 

Wishing you continued success.

Bob

Dec 03, 2021 03:02 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bob Crane good morning, Bob... thanks so much for popping by and for the really nice comment. Wishing you a great wekend ahead.

Dec 04, 2021 04:20 AM